Slow spending growth not the whole story; TNS data don't include alternative media such as digital, marketing services.(News)

Advertising Age, March, 2008 by Mcilroy, Megan

Byline: MEGAN MCILROY

The numbers certainly look bleak.

According to data from TNS Media Intelligence, U.S. ad spending grew a paltry 0.2% to $149 billion last year. The study, which measures ad spending in categories including TV, magazines, newspaper and radio, also shows a 0.1% drop in spending in the fourth quarter of 2007 compared with the year prior. It's enough to make you want to dump your media and holding-company stocks before it's too late.

But the numbers belie some undeniable bright spots in the industry. For starters, the four major advertising holding companies all reported revenue growth in 2007, with Omnicom up 12%, WPP up 8%, Publicis up 7% and IPG up 6%-and that's with a soft economy and limited acquisitions.

What...